Addleshaw Goddard has advised O'Connor Utilities Group (OCU) on its acquisition by investment firm Triton Partners, to support its next phase of growth.
OCU is a leading UK multi-utility services specialist operating within regulated infrastructure markets, including electricity, rail, water, gas and telecoms. Based in Stockport and with a national presence, the acquisition of the group comes following a period of sustained growth to support the future of the UK economy, creating highly attractive market growth prospects.
OCU and Triton said that the new partnership will see further investment in non-regulated opportunities as the UK economy increasingly focuses on renewable power as part of the country’s energy transition.
Founded in 1994 by brothers Tim and Tom O’Connor, OCU has a workforce of over 3,000 employees and contractors across the UK. The business will continue to be led by CEO Michael Hughes and the management team at OCU.
Triton Partners focuses on driving growth in businesses it partners with across Europe and has a strong track record of investing in services businesses. Their current portfolio of companies has combined annual revenues of over €18bn.
The AG team advising on the deal was led by Paul Medlicott and Ben Davies, supported by Catherine Concannon, Dan Rathbone, Beth Nixon, Nathan Chomyszyn and Adele Angove.
Paul Medlicott said: "It is great to see a family owned business such as OCU with such a bright future which maintains the identity it has built up over decades. It was a pleasure to work with, Tim, Tom, Michael and the incredible management team at OCU Group to reach this stage and we look forward to watching the business evolve with the support of Triton Partners."